Prorated Vesting Sample Clauses
A Prorated Vesting clause defines how an individual earns rights to benefits, such as equity or retirement contributions, in proportion to the amount of time they have participated in a plan or employment. Instead of requiring full completion of a vesting period to receive benefits, this clause allows for partial vesting based on the actual duration of service; for example, if an employee leaves halfway through a vesting schedule, they may receive half of the allocated shares or benefits. The core function of this clause is to ensure fairness by granting partial benefits to individuals who do not complete the full vesting period, thereby addressing situations where strict all-or-nothing vesting would be inequitable.
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Prorated Vesting. The Prorated Number of RSUs described in Section 6(b), (c), (d) or (e) above (the “Prorated Number”) shall be determined as follows: The Prorated Number = X multiplied by (Y/Z), where X = the number of RSUs that would have become Vested RSUs based on actual performance against the Performance Goals if the Grantee had remained employed (and in an eligible executive position) until the Vesting Date; Y = the number of full calendar months the Grantee remained employed (and in an eligible executive position) after the Grant Date; and Z = 36.
Prorated Vesting. The Performance Period for this Option is _____ years (at least one), beginning on the date specified in part I above. After the Performance Period expires, the Committee will determine the percentage of achievement for the Performance Measures in part I above. Based upon that determination, the Grantee will vest in a percentage of Shares subject to this Option in accordance with the following schedule [below is an example]:
Prorated Vesting. If a Prorated Number of RSUs are to become Vested RSUs pursuant to Sections 6(b), (c), (d) or (e) above, then the number of shares that become Vested Shares (the “Prorated Number”) shall be determined as follows: The Prorated Number = X multiplied by (Y/Z), where X = the number of RSUs that would have become Vested RSUs based on actual performance against the Performance Goals if the Grantee had remained employed (and in an executive position) until the Vesting Date; Y = the number of full calendar months the Grantee remained employed (and in an executive position) after the Grant Date; and Z = 36.
Prorated Vesting. The prorated portion of the PSUs that vests on the Vesting Date following the Participant's Death, Disability or Retirement (or while Retirement Eligible) will be determined by multiplying the total number of PSUs the Participant would have earned based on actual performance by a fraction, of which the numerator is the number of months (not to exceed 36) the Participant had been continually employed since the beginning of the Performance Period until his, her or their Death, Disability or Retirement and the denominator is 36.
Prorated Vesting. If the Grantee’s employment is terminated in a manner that qualifies the Grantee for cash severance under any applicable agreement with the Company, and if the Grantee and the Company sign the Company’s standard form separation agreement and any affirmations thereto, then: (a) the number of shares of Restricted Stock underlying the Award Agreement shall be prorated (and rounded up or down to the nearest whole share) to reflect the portion of the three-year vesting period satisfied by the Grantee from the Grant Date through the date on which the Grantee’s employment is terminated (as adjusted, the “Prorated Shares”); (b) any shares of Restricted Stock previously issued under the Award Agreement in excess of the Prorated Shares shall automatically be forfeited to the Company; (c) Section 2(c) of the Award Agreement shall be not be given any force or effect; and (d) For purposes of Section 3(b) of the Award Agreement, the “third anniversary of the Grant Date” shall be deemed to mean the final day of the Company’s 2025 fiscal year.
Prorated Vesting. The prorated portion of the Performance Share Units that vests upon the Grantee’s termination of employment due to the Grantee's death, Disability or Retirement shall be determined by multiplying the total number of unvested Performance Share Units at the time of the Grantee's termination of employment by a fraction, of which the numerator is the number of full calendar months the Grantee has been continually employed since the beginning of the performance cycle and the denominator is 36.
Prorated Vesting. If, before M▇▇▇▇▇ completes sixty (60) months of active service with Quaker, his employment terminates for any reason that triggers the payment of supplemental separation benefits and/or benefits under The Quaker Officers' Severance Program ("Program"), or due to his death or his retirement immediately following an approved long term disability leave, then this supplemental retirement benefit shall vest on M▇▇▇▇▇'▇ last day of employment with Quaker (i.e., at the end of his inactive service period, if applicable), but shall be prorated based on the number of months he was actively employed. To prorate this benefit, both the Base Amount and the Setoff shall be multiplied by a fraction: (a) whose numerator is the number of full months M▇▇▇▇▇ was employed in active service by Quaker or thirty (30) months, whichever is lower; and (b) whose denominator is thirty (30) months. iii. No Vesting: If M▇▇▇▇▇'▇ employment with Quaker terminates before he completes sixty (60) months of active service with Quaker for any reason that does not result in a prorated benefit under subsection (D)(ii), this supplemental retirement benefit shall not vest. E.